Every small business/nonprofit leader must account for the risks that come with operating their enterprise; some leaders opt to mitigate certain risks by purchasing insurance policies . Because insurance policies are legal contracts [1] , insurance companies aim to write these policies such that they are completely unambiguous (especially since courts will interpret any ambiguities against the insurance company [2] ). Somewhat ironically, though, insurance companies achieve “unambiguity” in their policies by using a lot of words, many of which are unfamiliar to most readers. Insurance policies are thus infamously difficult for most people to wrap their heads around [3] . The tips that follow, though not exhaustive, will give you a “springboard” toward understanding your policy and what it covers (and, perhaps even more importantly, what it doesn’t cover). When in doubt, talk to your insurance broker or another expert. The tips below are meant to be generally applicable. If, afte
University of Michigan Law School Community Enterprise Clinic (CEC) Blog